New York City Spotlight: Growing Sales
By Adriana Limbasan
Property trades have a tendency to increase in the last quarter as investors race to close deals before the end of the year. With New York City a perennial focal point for investors, it was not surprising to see an uptick in transactions. In all, 698 commercial transactions closed in the fourth quarter of 2011, an increase of 13 percent over the third quarter. But it was encouraging that the number of transactions also rose over the fourth quarter of the previous year, albeit by a slight 5 percent. The median sale price was 15 percent higher, at $2 billion versus $1.7 billion in the same quarter of 2010.
Of the deals that closed in the fourth quarter of 2011, 35 percent were concentrated in Brooklyn, making it the leading borough in New York City with 245 sales. It was followed closely by Manhattan with 223 sales and Queens with 134.
Among building categories, residential property registered the higher number of closed deals at 364, comprising 52 percent of the total number of transactions. The commercial category accounted for 34 percent, with 238 sales, while industrial space saw 96 sales.
– Adriana Limbasan is a marketing analyst for PropertyShark.
(NYC commercial transactions — median sale price; $ in millions)